As usual, the Fed buy programs triggered right at the open designed to run-over stop-losses in order to cause the shorts to panic and cover, pushed NQ up through key resistance 4430, but it failed to trigger enough buying to keep NQ above broken resistance turned support.
Short-sellers overwhelmed the buyer and NQ began to sell-off starting about one hour after the open, after most the shorts had covered.
Unless NQ can break-back up above 4430, NQ is likely to continue down on Tuesday, next support is 4370-4380 area.
If that support does not hold, we may likely see the sell-off to continue further down to the next support level of 4350
Here is global QE vs S&P 500
